• Good morning everyone and welcome to Thursday morning. .
• It's Stephen Whiteside here in the pre market this morning, stock index futures .
• and commodities are trading below fair value. .
• So so far it looks like we are going to .
• see some selling at the Open on Thursday morning. .
• Let's start off this morning's presentation looking at the VIX. .
• And the VIX made a new closing low .
• yesterday, so options traders are not phased by anything going on. .
• Looking for a close on Thursday above 14.88 to give us a buy signal. .
• Now we did see a pullback in chip stocks .
• and we've got the SOX Index back on a buy signal as of Wednesday's close. .
• We also have cloud computing stocks and social media stocks back on sell signals. .
• Now looking at the chip sector, Advanced .
• Micro Devices is on its third day of a sell signal. .
• We've seen intel a pullback for the past .
• couple of days and yesterday it closed down at the lower channel line. .
• So a close below 32.88 would give us a sell signal on Thursday. .
• And then we've got Texas Instruments back on a sell signal. .
• As of Wednesday's close, Nvidia is still .
• holding up fairly well, trading above the upper channel line. .
• Things would change on Thursday with a .
• close below 402.36. Then looking at the QQQ's, they traded back into the channel. .
• So we certainly have a possibility of a sell signal in the queues on Thursday with .
• a close below 358.18. Then looking at Canadian tech stocks, they .
• have rolled over and are back on a sell signal. .
• It's not Shopify, which could end Thursday on a sell signal. .
• We've got BlackBerry making a new low on Wednesday, we've got Constellation .
• Software back on a sell signal, we've got Lightspeed back on a sell signal. .
• Then we've got Nuvei making a new low for this move. .
• So it's been on a sell signal for over a .
• month now and we've got OpenText making a new low for this move and Telus .
• International also making a new low for this move. .
• Then looking at the DOW, it traded back into the channel again. .
• So down to the lower channel line, we need .
• a close below 338.38 on Thursday to give us a sell signal for the DOW. .
• For the SPY, we're looking for a close .
• below 431.69. And then looking at the Russell and the Ishares for the NMicrocap .
• sector, both trading down to the lower channel line. .
• So we could certainly see sell signals in both of those two sectors. .
• On Thursday, looking at the Canadian market, second day of a sell signal, we've .
• filled the open gap, so that's no longer potential support. .
• Yesterday's big loser was the Real Estate sector. .
• And of course this has a lot to do with interest rates. .
• Canadian real estate making a new low for this move. .
• You can see Choice made a new low yesterday. .
• It actually recovered and closed slightly higher on the day. .
• Crombie making a new low new low for Rio Can. .
• A big sell off yesterday for Northwest Healthcare down over 11% on the day. .
• Now, speaking of interest rates, the bank .
• of England raised their benchmark interest rate this morning, and that's helping put .
• downward pressure on stock index futures this morning. .
• Looking at the SPDR Financial ETF, we're .
• still on a buy signal that would change on Thursday with a close below 32.95. We do .
• have US banks and US Regional Banks on sell signals. .
• We've got the Broker Dealers back on a sell signal as of Wednesday's close. .
• And then we're looking at insurance stocks which actually closed higher on the day. .
• Looking for a close below 32.65 on Thursday to give us a sell signal. .
• Canadian financials rolled over yesterday. .
• Canadian banks back on a sell signal as of Wednesday's close. .
• We've been watching manualife breakdown this week. .
• Heading lower. .
• We've got Sun Life back on a sell signal. .
• We've got Canadian Imperial Bank of Commerce CIBC back on a sell signal. .
• We've got Laurentian Bank back on a sell signal. .
• TD bank still holding up. .
• We're looking for a close on Thursday below 79 34. .
• Let's finish off this morning's presentation. .
• Taking a look at commodity prices and no .
• joy, no change in trends from Wednesday's trading action. .
• We had a new low for the GLD. .
• It's trading lower in the pre market this morning. .
• The SLV has gapped lower for the past two .
• days and starting to trade below the May low. .
• Looking at stocks, the Ishares for the .
• global TSX Global Gold Index made a new low yesterday. .
• New low for the GDX, new low for the SIL. .
• And then looking at energy, we had crude oil move up yesterday. .
• It's trading lower this morning. .
• We had natural gas trade up. Having an inside day. .
• It's trading lower this morning. .
• So we don't expect much movement in energy .
• stocks, whether you're looking at the Canadian or US market on Thursday. .
• Okay, folks, that is all for this morning's presentation. .
• We are expecting some selling at the open on Thursday morning. .
• Have a great day. .
• Next time you'll hear my voice is on Friday morning. .